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Draft Treaty on Global Currency Transactions Tax

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TITLE I COUNCIL OF STATES

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ARTICLE 18

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§1 There shall be a Council of States comprised of the representatives of the Contracting States.

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§2 The Council shall facilitate the purpose and the operation of this Treaty. To this end, it shall:

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a. carry out the functions assigned to it under this Treaty

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b. at the request of a Contracting State, clarify the interpretation or application of this Treaty

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c. consider any matter that may affect the operation of this Treaty; and

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d. take such other actions as it deems necessary to fulfil its mandate;

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e. prepare the budget of the CTTO

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§3 In carrying out the functions specified in paragraph 2 the Council may consult governmental and non-governmental organisations or persons.

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§4 The Council shall elect a Chair, who shall serve in a personal capacity. Meetings shall be held at intervals to be determined by the Council. Council shall establish its rules and procedures.

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§5 Subject to paragraph 6, the Council shall make decisions by consensus. Such decisions may include a decision to adopt a different voting rule for a particular question or category of questions. A Contracting State may abstain and express a differing view without barring consensus. Each Contracting State shall have one vote if their population amounts to less than 10 million people, two votes if more than 10 million but less then 100 million people and 3 votes if more than 100 million people.

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§6 However, where a decision cannot be reached by consensus:

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a. decisions on matters of substance shall be made by a two-thirds majority of the votes of the Contracting Parties;

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b. decisions on other matters shall be made by a simple majority of the votes of the Contracting States present and voting.

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§7 The Council shall be assisted by a Secretariat.

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